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C
- 2 -
0
P
Y
mind for this purpose the creation of a Philippine Recons-
truction Finance Corporation, to be capitalized by a loan
of $250 million from the Export-Import Bank. With this
money we would make advances to private companies and indi-
viduals who wished to start immediately on their recons-
truction projects, accepting as collateral the claims of
the companies and individuals for war damages, plus whatever
other collateral might be available. On such a basis, re-
construction could be started in the very near future. I
judge that these loans would "prime the pump" of private
capital and would bring us the necessary flow of investment
from the United States and also from investors here.
I understand that the National Advisory Council on
International Monetary and Financial Problems has dis-
approved our request for an Export-Import Bank loan.
I
cannot believe that this was done with a full understanding
of the facts. I hope you will find it desirable to suggest
to this group that it re-examine its decision in this matter.
I understand the Council has proposed the establishment of
a joint Philippine-American Finance Commission, to study
our fiscal needs and to make recommendations for the guidance
of our future fiscal policy and for the meeting of our future
fiscal needs. I should be most happy to see such a commis-
sion established in the immediate future and to receive its
recommendations. as well as to have its support of our request
for an additional loan. As you may recall from my discussion
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"ocrText": "C\n- 2 -\n0\nP\nY\nmind for this purpose the creation of a Philippine Recons-\ntruction Finance Corporation, to be capitalized by a loan\nof $250 million from the Export-Import Bank. With this\nmoney we would make advances to private companies and indi-\nviduals who wished to start immediately on their recons-\ntruction projects, accepting as collateral the claims of\nthe companies and individuals for war damages, plus whatever\nother collateral might be available. On such a basis, re-\nconstruction could be started in the very near future. I\njudge that these loans would \"prime the pump\" of private\ncapital and would bring us the necessary flow of investment\nfrom the United States and also from investors here.\nI understand that the National Advisory Council on\nInternational Monetary and Financial Problems has dis-\napproved our request for an Export-Import Bank loan.\nI\ncannot believe that this was done with a full understanding\nof the facts. I hope you will find it desirable to suggest\nto this group that it re-examine its decision in this matter.\nI understand the Council has proposed the establishment of\na joint Philippine-American Finance Commission, to study\nour fiscal needs and to make recommendations for the guidance\nof our future fiscal policy and for the meeting of our future\nfiscal needs. I should be most happy to see such a commis-\nsion established in the immediate future and to receive its\nrecommendations. as well as to have its support of our request\nfor an additional loan. As you may recall from my discussion"
}